Binance is to convert its users' holdings in three stablecoins - USDC, USDP and TUSD - into its own stablecoin BUSDAt 03:00 UTC on Sept. 29 users' balances in the three stablecoins will be automatically converted into BUSD, though users can convert them manually before then if they wish to do so.it is taking this action to enhance liquidity and capital-efficiency for users.
The action effectively removes the world's second biggest stablecoin USDC, with a market cap of nearly $52 billion as a tradeable asset on Binance's platform. The move is also a blow to Circle Internet Financial, the issuer of USDC. With a market cap of $19.5 billion, BUSD is the third largest stablecoin. TUSD and USDP rank fifth and sixth with market caps of $1 billion and $945 million respectively.
Stablecoins are types of digital currencies aimed to hold the value of a traditional asset like a fiat currency, with the U.S. dollar being the most prevalent. The stablecoin market is dominated by Tether's USDT with a market share of around 44%, though this may be about to change with large amounts of USDC, USDP and TUSD being consolidated into BUSD.
binance JamieCrawleyCD No one wants Chinese $BUSD let’s be real.
binance JamieCrawleyCD Binance isn't obligated to support any stablecoin. They aren't a 'crypto NGO'. The obvious choice for them would be to support their own stablecoin. This also reduces systemic risks of stablecoins going bust due to fractioning their reserves. cz_binance
binance JamieCrawleyCD DoopieCash Interessant voor jullie volgers (traders op binance), BUSD zal ws een grote sprong maken in handelsvolume door deze move
lndian_Bronson binance JamieCrawleyCD
binance JamieCrawleyCD Dump binance and go to coinbase or Gemini
binance JamieCrawleyCD Look for major lawsuit against Binance now. Litigious warfare inbound.
binance JamieCrawleyCD AlgodexOfficial is coming...👊🚀
binance JamieCrawleyCD Bad news for USDC, they will suffer from a massive dump on Market Cap.
binance JamieCrawleyCD Busd is basically paxos. Going to be interesting if sanctions are ever applied to binance will they still continue to use us based banking
binance JamieCrawleyCD It’s not a big deal really, just consolidating liquidity so it’s more efficient. You still can withdraw your BUSD as USDC 1:1 and vice versa. ZERO net effect on users wanting to trade with USDC.
binance JamieCrawleyCD What a play!
binance JamieCrawleyCD In the future, the cryptocurrency will be positioned as a currency (encrypted payment system) instead of commodities. In the future, the store mall will support cryptocurrency to buy any goods and services.
binance JamieCrawleyCD
binance JamieCrawleyCD This will come back to haunt them
binance JamieCrawleyCD USDT is what remains
binance JamieCrawleyCD 🚀 Thnks a millon
binance JamieCrawleyCD Yeah, although usdc will soon cease to be valid on Binance
binance JamieCrawleyCD
binance JamieCrawleyCD End of usdc
binance JamieCrawleyCD BUSD to 100usd soon.
binance JamieCrawleyCD Awesome! Just like getting $mikoto! Now. Asap
binance JamieCrawleyCD cant wait to use bussin dollars, thanks cz_binance
binance JamieCrawleyCD So centralized
binance JamieCrawleyCD TradeStrikeBVI
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